Sun Bancorp, Inc. operates as the holding company for Sun National Bank that provides various banking services to consumers, small businesses, and mid-size companies in New Jersey. As of December 31, 2014, the company had 57 locations primarily throughout New Jersey, 47 of which were branch offices. The company also had one loan production office in both New York and Pennsylvania. The company provides an array of community banking services to consumers, small businesses and mid-size companies. Its lending services to businesses include term loans, lines of credit and commercial mortgages. Lending Activities The company’s lending services to consumers consist primarily of lines of credit of overdraft sweeps. In addition, the company, through its wealth management subsidiary, Sun Financial Services L.L.C., offers client access to mutual funds, securities brokerage, annuities and investment advisory services. The principal lending activity of the company is the origination of commercial and industrial loans and commercial real estate loans. Substantially all loans are originated in the company’s primary market area. Commercial Real Estate Loans: A significant component of the company’s lending activity consists of loans for the acquisition, refinance, improvement and construction of real property. The company has a commercial real estate portfolio comprised of loans on apartment buildings, professional offices, industrial facilities, retail centers and other commercial properties. Commercial and Industrial Loans: In addition to real estate secured loan products, the company also originates commercial and industrial loans, including working capital lines of credit, inventory and accounts receivable lines, equipment loans and other commercial loans. The company focuses on making commercial loans to small and medium-sized businesses in various industries. Construction Loans: The company’s construction loans are secured by residential and commercial properties located in its market area. As of December 31, 2014, the company had 27 construction loans. The company’s construction loans to home builders have floating interest rates, and are typically for a term of up to 36 months and have a maximum loan to value ratio of 75%. Residential Real Estate Loans: The company’s mortgage loans were typically sold with recourse in the event of default within the first six months after origination, depending on the terms with the investor. Home Equity Lines of Credit (HELOC): The company originates home equity lines of credit, secured by first or second homes owned or being purchased by the loan applicant. HELOCs are consumer revolving lines of credit. The company ceased all HELOC origination activity in 2014. Home Equity Term Loans: Home equity term loans are consumer loans. These loans require fixed payments of principal and interest and have an average term between 5 and 15 years. Other Loans: Included in the category of ‘Other Loans’ are certain small business loans serving businesses with credit needs up to $250 thousand. These small business loans are generally lines of credit. Fee Income Services The company offers an array of community banking products and services designed to enhance the overall relationship with its customers. Cash Management Services The company offers comprehensive cash management services designed to meet the needs of its commercial and small business customers. The Cash Management department offers additional products and services, such as online banking and bill payment services, electronic payment and wire transfer services, lockbox services, merchant services, remote deposit and controlled disbursement services. Sun Financial Services Through a contract with a third party, Sun Financial Services L.L.C., the company’s investment services division offers experienced professionals that deliver a range of products and services to meet the specific needs of the company’s customers. The products offered include insurance, annuities, mutual funds, securities and other investment services. Investment Activities The company’s investments consist primarily of federal funds, securities issued or guaranteed by the United States Government or its agencies, mortgage-backed securities, states and political subdivisions, collateralized loan obligations and trust preferred securities. Deposits The company’s commercial deposit services include business checking and money market accounts and cash management solutions, such as online banking, electronic bill payment and wire transfer services, lockbox services, remote deposit and controlled disbursement services. Its consumer deposit services include checking accounts, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. Consumer and commercial deposits, as well as deposits from governmental entities are attracted principally from within the company’s primary market area through the offering of a selection of deposit instruments, including checking, savings, money market accounts, time deposit certificate accounts and individual retirement accounts. The company participates in the Certificate of Deposit Account Registry Service (CDARS) program, which enables its local customers to obtain expanded Federal Deposit Insurance Corporation (FDIC) insurance coverage on their deposits. Regulations As a registered bank holding company, the company is regulated under the Bank Holding Company Act of 1956 and is subject to supervision, examination and regulation by the Board of Governors of the Federal Reserve System (FRB). The bank is organized as a national bank under the National Bank Act and is principally subject to supervision, examination and regulation by the Office of the Comptroller of the Currency (OCC). In addition, the bank’s deposit accounts are insured by the FDIC and the bank is subject to certain regulations of the FDIC. History Sun Bancorp, Inc. was founded in 1985.
sun bancorp inc-nj (SNBC:NASDAQ GS)
350 Fellowship Road
Mount Laurel, NJ 08054
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